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Practical tax insights for working tax professionals.
Written by tax professionals for CPAs, EAs, and tax preparers.

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Life Estates in the Distribution of Estate Assets

Life Estates in the Distribution of Estate Assets

Recently in the Tax School Facebook private group, an interesting question was raised regarding the transfer of real estate when an interest in the property is retained. The question concerned…
Special 100% Depreciation Allowance Ending This Year

Special 100% Depreciation Allowance Ending This Year

Over the last five years, we’ve grown accustomed to advising clients about being able to write off a lot of items that would otherwise be depreciated over a period of…
Is the IRA Still Stretchy?

Is the IRA Still Stretchy?

Since the passing of the SECURE Act it has become commonplace, as practitioners, to deal with the 10-year rule that has been placed on retirement plans for clients wishing to…
An Overview of the Inflation Reduction Act

An Overview of the Inflation Reduction Act

On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 into law. The Act has various provisions affecting a broad spectrum of Americans, making it important to…
Automatic Penalty Relief for Some 2019 & 2020 Tax Returns

Automatic Penalty Relief for Some 2019 & 2020 Tax Returns

IRS provides broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being refunded to 1.6 million taxpayers On August 24, 2022, the…
Tax Treatment for Solar Panels: Business vs Individual Use

Tax Treatment for Solar Panels: Business vs Individual Use

  Solar panels are becoming increasingly popular as both individuals and businesses are looking to maximize energy efficient activities while enjoying tax breaks. This means that your clients are more…